MoneyPass

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MoneyPass
Operating areaUnited States
Members1,700
ATMs33,000 (March 2019)[1]
FoundedOctober 2003; 20 years ago (2003-10)
OwnerFiserv
Websitewww.moneypass.com

MoneyPass is an interbank network owned by Brookfield, Wisconsin based Fiserv, the third largest North American financial services company by revenue.[2]

Previously, MoneyPass had been owned by Elan Financial Services, a business unit of U.S. Bank. MoneyPass provides surcharge-free ATM services to North American MoneyPass consumer/cardholders whose transactions utilize a MoneyPass supported ATM and has become the second largest surcharge free ATM network in the United States.[3]

There are 33,000 surcharge-free MoneyPass ATMs in the United States, located at financial institutions and retail locations.

More than 95 million consumers have access to MoneyPass ATMs. [4] [5]

History

Genpass, Inc., formed the MoneyPass ATM network in October 2003 by merging two existing regional ATM networks that it had already owned, MoneyMaker in Texas and MoneyBelt in Tennessee.[6] Union Planters, with nearly 900 ATMs located in 12 states, was a charter member.[7] In December 2003, the regional supermarket chain Minyard Food Stores installed MoneyPass ATMs at its 72 stores.[8] By June 2004, MoneyPass had 200 participants and 8,000 ATMs.[9] Zions Bank joined in September 2004, adding 200 ATMs in Utah and Idaho.[10] Credit Union 24, which represents 410 credit unions with a total of 2,800 ATMs in 23 states, made a reciprocal agreement in November 2004 which would allow members of each networks to access ATMs on the other network surcharge free.[11]

MoneyPass had 8,000 ATMs in all 50 states by the time Citibank joined its network in October 2004 which added 2,600 Citibank ATMs to the network.[12]

U.S. Bancorp acquired Genpass along with MoneyPass for an undisclosed amount in May 2005[13] and added its ATMs to the network to form a 12,000 ATM network in June 2006.[14]

In June 2005, KeyCorp signed an agreement with MoneyPass to allow Credit Unions and its other financial institutional clients that it services the option to connect to the MoneyPass network.[15][16]

In July 2012, Kroger signed an agreement with U.S. Bancorp to have its Kroger Prepaid Debit Card customers be allowed surcharge free access at all MoneyPass ATMs.[17]

In August 2017, 7-Eleven signed an agreement with MoneyPass to have its ATMs at 8,000 of its 10,900 its American stores be a part of the surcharge free network.[18]

In September 2018, Fiserv announced that it would acquire MoneyPass from US Bancorp for $690 million.[19] The deal was finalized in March 2019. At the time of the sale, MoneyPass had 33,000 ATMs.[1]

See also

References

  1. ^ a b "A successful handoff: MoneyPass makes the transition to Fiserv". ATM Marketplace. March 19, 2019.
  2. ^ Kilgore, Tomi (September 25, 2018). "Fiserv to buy U.S. Bancorp unit's debt-card processing, ATM services and MoneyPass for $690 million". Market Watch. New York: Dow Jones & Co. Retrieved March 23, 2019.
  3. ^ "Fiserv to acquire ATM-related units of Elan Financial Services". ATM Marketplace. Louisville, KY: networldmediagroup.com. September 27, 2018. MoneyPass, the second largest surcharge-free network in the U.S. with access to more than 33,000 ATMs
  4. ^ "ATM Network MoneyPass Quietly Books a Slew of New Members" (Press release). digitaltransactions. August 13, 2008. Retrieved September 11, 2016.
  5. ^ "7-Eleven Joins MoneyPass Surcharge-Free Network" (Press release). ATMmarketplace. August 3, 2017. Retrieved August 23, 2018.
  6. ^ "Review 2003: When Bigger Banks Warmed to No-Fee ATM Networks". American Banker. December 30, 2003.
  7. ^ "Genpass creates new surcharge-free network". ATM Marketplace. November 20, 2003.
  8. ^ "Minyard Food Stores Inc. Joins Moneypass Surcharge-Free ATM Network". Progressive Grocer. December 9, 2003.
  9. ^ "Anderson Named President of MoneyPass ATM Network". Dallas Business Journal. June 23, 2004.
  10. ^ "Zions Bank Joins MoneyPass Surcharge-Free Network". Business Wire (Press release). September 23, 2004.
  11. ^ "Credit Union 24, MoneyPass Announce Reciprocal Alliance". Business Wire (Press release). November 18, 2004.
  12. ^ "Citi Joins MoneyPass to Grow ATM Presence". American Banker. October 12, 2004.
  13. ^ "U.S. Bank Acquires Genpass, Inc., Expands Payment Processing and ATM Services to Clients". Business Wire (Press release). May 10, 2005.
  14. ^ "U.S. Bank Joins MoneyPass ATM Network, Gives Customers Surcharge-Free Access to 12,000 MoneyPass ATMs". Business Wire (Press release). June 27, 2006.
  15. ^ "KeyCorp Adds the MoneyPass Network to Its Growing Agent Bank ATM Program". Business Wire (Press release). May 31, 2005.
  16. ^ "Key Bank Signs Up With MoneyPass". Credit Union Times. June 7, 2005.
  17. ^ "U.S. Bank Offers Surcharge-Free Transactions at MoneyPass ATMs for Kroger Prepaid Debit Cardholders". Business Wire (Press release). July 23, 2012.
  18. ^ "7-Eleven Customers Will Have Opportunity for Surcharge-Free ATMs". Convenience Store News. August 3, 2017.
  19. ^ Kilgore, Tomi (September 25, 2018). "Fiserv to buy U.S. Bancorp unit's debt-card processing, ATM services and MoneyPass for $690 million". MarketWatch.

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